BUENA PARK : Schools OK County Investment Settlement
The Buena Park School District’s board has voted to accept a county investment pool settlement that limits the right to litigate but promises to return most of the district’s money by June.
District Supt. Jack Townsend said the five-member board would have preferred an offer to pay 100% of the $4 million that the district had in the pool, but “it’s the best we can get at this time.”
Under Option A, which the board chose, the district will be paid about 76% of its investment in cash and 14% in recovery notes. The remaining 10% is to be paid at an unspecified future time--and that makes the board nervous, Townsend said.
“That 10% represents over $400,000, and that’s a lot of money,” he said.
The county’s bankruptcy filing Dec. 6 forced the district to postpone work on a new library for Buena Park Junior High School. Townsend said that project will remain on hold until the settlement is approved by all the necessary officials, and the district’s checks are received.
“We’re not going to believe it until we see it,” he said.
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